23 December 2021, Mumbai:

The legal battle between Future Retail and Amazon is set to get fiercer after the Competition Commission of India suspended its approval to deal between the US e-commerce giant and Future Coupons.

While Amazon is likely to move courts against the CCI order.

Future Retail Ltd (FRL) is likely to approach various courts and tribunals including the Supreme Court, National Company Law Tribunal (NCLT), and the Singapore International Arbitration Centre (SIAC) bringing to their notice the latest CCI order.

The company is likely to ask the courts to terminate all pending cases related to the sale of its retail assets to Reliance Retail, in the wake of the CCF order, two people familiar with the matter said.

ET (The news article has not been edited by DFU Publications staff)

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DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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23 December 2021, Mumbai:

V-Mart will pass on the full seven percentage point GST rate hike on apparel. If this is not allowed, the fashion retailer will cut discounts to mitigate the cost impact.

GST rates on textiles and apparel have been raised to 12 per cent from five per cent to rectify inverted duty structures. Inverted duty structures are where there is a higher tax on the input than the tax on finished goods or the output. This basically results in excess accumulation of credit which may not go unutilized.

Raymond, too plans to pass on the full hike. The sweet spot for most of mills is around 8 per cent to 8.5 per cent. But since the GST rate has been taken to 12 per cent, the textile industry has said it does not have so much leeway that it can absorb four per cent additional cost.

With GST hike demand is expected to be severely hit in the low income segment. Almost 90 per cent retail is still in the unorganised sector.

When GST was brought in at a low rate, a clear signal was given to small unorganised retailers to join the mainstream. But now if the tax rate becomes high, it is feared this would give them an incentive to revert to the cash economy and evade taxes.

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.

DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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21 December 2021, Mumbai:

The Board of Directors of Bhandari Hosiery Exports Limited in their duly convened meeting held today i.e. Tuesday the 21st Day of December, 2021 has discussed and approved the proposal for revised scheme of Merger of Tikani Exports Limited ('Transferor Company'), with and into Bhandari Hosiery Exports Limited ('the Company' or 'Transferee Company') and their Shareholders and Creditors, under Sections 230 to 234 of the Companies Act, 2013 and other provisions of the Companies Act 2013 (including any statutory modification or re-enactment or amendment thereof) as per the terms and conditions mentioned in the Scheme of Merger placed before the Board.

Further we inform that previously filed scheme was revised due to changes in fresh valuation report given by registered valuer and Merchant Banker. Bhandari Hosiery Exports Limited (the Transferee Company) is engaged in fabric dyeing, fabric processing, fabric knitting and the manufacturing of garments and fabrics. Tikani Exports Limited (the Transferor Company) is engaged in fabric dyeing and manufacturing of garments.

The consolidation of entities with similar functions, would result in, operational and administrative efficiencies, optimum utilisation of infrastructure facilities and available resources, reduction in costs by focused operational efforts, rationalization, standardization, simplification of business processes and elimination of duplication of managerial efforts.

Upon the Scheme of Amalgamation becoming effective, based on the Valuation Report issued by independent IBBI registered Valuer and share exchange ratio recommended therein, all the equity shareholders of the Tikani Exports Limited (Transferor Company) will be allotted equity shares in Bhandari Hosiery Exports Limited (Transferee Company) in the ratio of 1.7684623 equity shares (having face value of Rs. 1/- each) in Bhandari Hosiery exports Limited for one equity share (having face value of Rs. 10/- each) of Tikani Exports Limited Bhandari Hosiery Exports Limited.

Shares of Bhandari Hosiery Exports Limited was last trading in BSE at Rs. 8.05 as compared to the previous close of Rs. 8.47. The total number of shares traded during the day was 701665 in over 489 trades.

The stock hit an intraday high of Rs. 8.75 and intraday low of 8.05. The net turnover during the day was Rs. 5751057.00.

EQUITY BULLS (The news article has not been edited by DFU Publications staff)

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DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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23 December 2021, Mumbai:

The proposed change in Goods and Services Tax (GST) with effect from January 1 is helping micro, small and medium enterprises (MSMEs) manufacturing polyester and blended fabric to regain their lost ground.

The uniform GST rate of 12 per cent will give these textile units an advantage compared to large mills that manufacture yarn and fabric.

The existing GST structure encouraged yarn manufacturers to set up integrated manufacturing plants, as it gave them 7 per cent GST benefit because GST on fabric is 5 per cent while that on polyester, blended and viscose yarn is 12 per cent.

To take advantage of this inverted tax structure, most of the man-made yarn manufacturing mills in north India, particularly Punjab, had installed fabric machines and began production.

These large-scale yarn manufacturing companies created big fabric production lines of 50 to 100 machines.

As a result, smaller manufacturing units in Ludhiana found themselves difficult to survive in the competition, a source told Fibre2Fashion. “In the last few years, the manufacturing of fabrics has shifted from small units to the hands of large manufacturers.”

But the uniform rate of 12 per cent GST applicable from January 1 will make fabric manufacturing unprofitable for yarn producers.

According to industry sources, the large-scale yarn manufacturers have started uninstalling their fabric making machinery with an intention to focus on making polyester and blended yarn production.

“Fabric manufacturing will no longer be profitable for yarn mills, and they have already drastically reduced the production of fabrics,” Sanjay Garg, president of Northern India Textile Mills Association (NITMA) and managing director of Punjab-based yarn company Longowalia Yarns Limited, said.

On the proposed changes in GST, Garg said it was necessary to bring uniformity. “There is little possibility that the government will withdraw its decision.

The decision was taken by the GST Council, so the central government is not in a position to take a call. The decision has started hampering trade, and business activities will not be smooth for the next two-three months.”

Fibre2Fashion News Desk (The news article has not been edited by DFU Publications staff)

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DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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23 December 2021, Mumbai:

Shipments during October-November are down 42% at 7 lakh bales y-o-y As Indian cotton prices continue to rule high, the trade fears a decline in exports for the current season to September 2022.

Cotton exports have started on a sluggish note and shipments during October-November, the first two months of the season, are down 42 per cent over the same a year ago.

According to Cotton Association of India (CAI) estimates, exports were seven lakh bales (170 kg each) during the first two months of the season compared with 12 lakh bales in the same period a year ago.

“At these high rates, we will be not able to achieve our export target of 48 lakh bales. We may hardly touch 35-40 lakh bales in exports, which will be 50 per cent less compared to last year’s exports of 78 lakh bales,” Atul S Ganatra, President, CAI, said.

Higher prices

Cotton prices are ruling high across the country and growers are seen holding back their produce, anticipating better prices. This is reflected in the market arrivals, which were down 15 per cent till November end.

On the benchmark Intercontinental Exchange or ICE, March futures contract is traded around 106 cents per pound. At the current price levels, the Indian cotton prices are equivalent to around 120 cents per pound on the ICE, making it expensive for overseas buyers.

Trade sources said there’s not much of buying interest for exports now, in a market where prices are on the higher side even during this peak season. Sources said prices are ruling higher only due to insecurity of low arrival and crop expectations. Unseasonal rains during October-November impacted the harvest, triggering quality concerns.

“Exporters are buying at a very slow pace,” said Ramanuj Das Boob, a sourcing agent for both domestic mills and multinationals in Raichur, Karnataka. At the prevailing prices, exports will definitely be less in the year ahead, he said.

Retaining produce

Ganatra said though arrivals are seen improving in December, farmers are not selling the top-quality cotton and are holding it back. Farmers are bringing to market the cotton harvested in third and fourth picking, while are keeping the first and second pickings at home, expecting higher prices.

Ganatra estimates that farmers across the country are holding around 150 lakh bales of top-quality cotton. The first and second picking of cotton is considered to be the best quality. “It is coming very slowly into the market,” he said.

According to recent estimates for the 2021-22 season, CAI has pegged the crop size at 360.13 lakh bales — higher than the previous year’s 353 lakh bales. The trade body expects the domestic demand to stay flat at last year’s levels of 335 lakh bales.

“While there’s unlikely to be any major change in the crop size, the marketing season may prolong till August-September as farmers may continue to hold on to their produce,” Ganatra said.

Business Line (The news article has not been edited by DFU Publications staff)

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.

DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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21 December 2021, Mumbai:

The state governments are responsible for production of all types of cotton including organic cotton.

The Department of Agriculture & Farmers Welfare (DA&FW) advocates for promotion of specialty/ organic cotton through user industry to enable farmers get maximum returns for produce.

Agricultural & Processed Food Products Export Development Authority (APEDA), Ministry of Commerce & Industry is the Secretariat for implementation of National Programme for Organic Production (NPOP). NPOP provides an institutional mechanism for accreditation of certification bodies and certification of organic processes & products.

Presently, raw organic cotton (seed cotton) is mandated under the certification of NPOP as notified under the Foreign Trade (Development & Regulation) Act of Directorate General of Foreign Trade (DGFT).

The processing such as ginning, spinning, knitting, weaving etc are not covered under NPOP as mandatory requirement for export from the country and the processed form of organic cotton is exported under private certification system.

To overcome all the challenges & issues of concern in the supply chain of processed form of cotton, on the advice of Ministry of Textiles, APEDA has developed and launched Standard for Chain of Custody for Indian Organic Fibres & Products in 2020, on voluntary basis under NPOP for certification of fibres from farm to made-ups.

Besides, the Government is promoting organic farming under the schemes viz., Parampragat Krishi Vikas Yojana (PKVY) and Mission Organic Value Chain Development for North Eastern Region (MOVCDNER) since 2015-16.

Both the schemes provide end to end support for organic farmers from organic production to certification and marketing including post harvest management support like processing, packaging, storage etc.

Indian Council of Agricultural Research (ICAR)-Central Institute for Cotton Research (CICR) and All India Coordinated Research Project (AICRP) on Cotton have released 64 non-Bt (non-GM) cotton varieties/hybrids during 2017-2021 that can be adopted by organic cotton growers.

Nucleus/breeder seeds are available with the developer and seeds are being provided to organic cotton farmers after getting the indent. ICAR-CICR and AICRP on Cotton are helping farmers by providing source of breeder seeds and package of practices for organic cotton production

This information was given by Union Minister of Agriculture and Farmers Welfare Shri Narendra Singh Tomar in a written reply in Lok Sabha on December 21, 2021.

PIB (The news article has not been edited by DFU Publications staff)

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DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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20 December 2021, Mumbai:

The most awaited Lulu Mall Thiruvananthapuram was inaugurated by Kerala Chief Minister Pinarayi Vijayan on 16th December.

Leader of Opposition - V D Satheeshan chaired the function. Food and Civil Supplies Minister G R Anil, Shashi Tharoor M P, Jose K Mani M P, P K Kunhalikutty, BJP State President K Surendran, Actor Mammooty, former Chief Minister Oommen Chandy, Ramesh Chennithala, Kadakampally Surendran and other dignitaries attended the function. UAE Foreign Trade Minister Dr. Thani Ahmed Al Zeyoudi was the Chief guest at the function, along with special invitee Dr. Ahmed Abdul Rahman Albanna, UAE Ambassador to India.

Chief Minister Shri. Pinarayi Vijayan lauded LuLu Group Chairman M.A.Yusuff Ali for his efforts to promote industrial growth in Kerala. In his inaugural address, Lulu Group CMD expressed his happiness over launching another dream for his state. He commented that Kerala is an investment friendly state and thanked the Government for the extended support. He also added that through this project alone, Lulu Group has been able to provide more than 10,000 job opportunities, natives included.

At the inaugural ceremony, the mall was awarded the Indian Green Building Council's Gold Certificate for environment-friendly construction. At an investment of 2000 crores, Lulu Mall- Thiruvananthapuram, is located at Akkulam, on NH 66 bypass, in close proximity to Technopark. With a built-up space of 2 million sq ft, the mall is spread across ground plus two storeys.

The mall has over 300 national and international brands, including the LuLu Hypermarket spread across 2 lakh sq. ft. Funtura, at 80,000 sq ft is the largest indoor entertainment zone in the country. Its biggest attractions include a nearly 1000ft long roll glider which circulates the food court; wall climbing for adults and kids; 6 lane bowling alleys; 6000 sq ft trampoline; Tag Arena; 7D theatre with interactive games; roller coaster; arcade games with VR zone; carousel and much more.

The Mall also features a 2500-seater food court, as well as several restaurants and cafes, that serve various regional, international and specialty cuisines.

With ample parking for over 3800 vehicles, supported by 8 floors of multi-level car park with direct connectivity to all floors of the mall and an intelligent parking guidance system that suit all types of car parks, customer convenience has been prioritized at the mall.

Some of the key brands at Lulu Mall, Thiruvanthapuram include Lulu Hypermarket, Lulu Fashion Store, Lulu Connect, Lulu Celebrate, Starbucks, Shoppers Stop, MAX, Westside, Pantaloons, Cold Stone Creamery, KFC, Calicut Paragon, Mc Donalds, Pizza Hut, House of Toys, Rado, Tissot, Swiss Time House, World of Titan, Body Shop, Nykaa Luxe, Forest Essentials, Go Sport, Puma, Skechers, Adidas to name a few.

The 12-screen PVR superplex will be launched next year. It includes P[XL] and 4 DX screens, premium LUXE auditoriums, apart from the mainstream, and one auditorium dedicated to children, the Playhouse.

Spectacular flagship store designs, combined with an abundant offering of food and entertainment, the mall will be a true destination mall for the people of Thiruvananthapuram and beyond.

Lulu Mall Thiruvananthapuram will have a key role to play in the Tourism sector of Kerala, just like its counterpart in Kochi. The mall opened to the public on 17th December.

LuLu Group International (The news article has not been edited by DFU Publications staff)

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DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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23 December 2021, Mumbai:

Rolex Rings rose 3.07% to Rs 1127.40 after the company said that it will develop Textile & Apparel Park, IT Park, and Toy Park at Gondal district in Gujarat. As a part of promotional activity for vibrant Gujarat Summit 2022, Rolex Rings has entered into the Memorandum of Understanding (MoU) with the Government of Gujarat for the development of Textile & Apparel Park, IT Park, and Toy Park at Gondal district in the region with proposed investment of Rs 1500 crore.

Net profit of Rolex Rings rose 15.51% to Rs 32.69 crore on 70.74% rise in net sales to Rs 258.49 crore in Q2 September 2021 over Q2 September 2020. Rolex Rings is among the leading manufacturers of forged and machined components in India. It makes transmission components, engine components, chassis components, exhaust system components and bearing rings.

BUSINESS STANDARD (The news article has not been edited by DFU Publications staff)

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.

DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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21 December 2021, Mumbai:

The government is in the final stages of drafting new ecommerce rules, tweaking an earlier draft that had sought to tighten the regulations for foreign-owned marketplaces, including barring their affiliated entities from selling on the platforms and restricting flash sales.

The new version will be released soon, said a senior official of the Ministry of Consumer Affairs, Food and Public Distribution who did not wish to be named.

Top industry bodies representing the Tatas, Amazon, Walmart-owned Flipkart and others have opposed some of the proposed clauses in the earlier draft. Some of the key provisions have also not found favour with the finance and corporate affairs ministries, and the government's public policy think tank, Niti Aayog.

ET (The news article has not been edited by DFU Publications staff)

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.

DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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20 December 2021, Mumbai:

IIJS Premiere, Bengaluru Show held in September 2021 was a 100% Covid event-free show. IIJS Premiere 2021 was the first IIJS Premiere Show in 36 years to travel out of Mumbai as a venue.

We are happy to inform you that exhibitors at IIJS Premiere, Bengaluru on average have received 30% to 40% new visitor traffic in their stalls.

Thus, the success of IIJS Premiere 2021 at Bengaluru in generating huge amounts of new business has certainly paved the way for the importance of different regions in India in driving new business. Based on such facts and market analysis we are happy to announce IIJS Tritiya 2022, the TRITIYA (3rd) version of IIJS from 24th to 27th March 2022 to be held at Bangalore International Exhibition Centre (BIEC), Bengaluru.

It is estimated from research that IIJS Premiere takes care of the festival season demand and IIJS Signature, the marriage season demand and hence this show will be catering to the Akshaya Tritiya & Eid festival.

Based on this the brand new show of IIJS Tritiya 2022 is aptly timed in March 2022 with the main objective to further help and connect deeper in the unexplored cities to get new visitors and give you new business.

Management claims,” It is positive like always that you will be supporting this endeavour of GJEPC to create new business for its members by giving trade the effective platform in the form of IIJS Tritiya”.

GJEPC (The news article has not been edited by DFU Publications staff)

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.

DAILY NEWS:

• Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

• Consumers will determine growth of sustainable fashion e-comm in India

• Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

• Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

• Nike strengthens retail presences with new store at DLF Mall of India,Noida

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